The European Insurance and Occupational Pensions Authority (EIOPA) published today a follow-up report to the 2020 Peer Review on EIOPA’s Decision regarding the collaboration of insurance supervisory authorities.
Continuous and active collaboration between home and host national competent authorities (NCAs) is essential for the effective supervision of undertakings operating (or intending to operate) under freedom of establishment (FoE) or freedom of providing services (FoS) basis in the EU. EIOPA’s Decision on the collaboration of the insurance supervisory authorities (EIOPA-BoS-17/014) is a fundamental tool in reinforcing this collaboration and in building a common European supervisory culture across the European Economic Area (EEA), which in turn protects consumers and contributes to the stability of the financial system.
The follow-up of the peer review on EIOPA’s Decision on the collaboration of the insurance supervisory authorities across the EEA revealed that out of the total 50 recommended actions issued to 24 NCAs (out of 30 NCAs participating in the peer review) 33 (66% of all actions) were fully fulfilled, while 5 (10%) were partially fulfilled. 12 recommended actions (24%) remain unfulfilled for various reasons according to reports by the NCAs.
EIOPA will continue to closely monitor the implementation of the recommended actions.
About peer reviews and follow-up reports
The role of peer reviews is to assess the application of existing practices by the national supervisory authorities, such as the implementation of directives, regulations, technical standards, EIOPA guidelines and recommendations, or supervisory practices. Peer reviews should also stimulate dialogue within and between supervisory authorities and facilitate the sharing of best practices.
EIOPA conducts a follow-up report two years after the publication of the peer review report. The follow-up report includes an assessment of the adequacy and effectiveness of the actions undertaken by the competent authorities that are subject to the peer review. EIOPA’s objective is to achieve consistent supervisory practices with the goal to protect policyholders.
EIOPA carries out its peer reviews in accordance with Article 30 of EIOPA regulation. See the current two-year peer review work plan.